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Square Credit

At Square Credit you have the opportunity to get a credit of up to 15,000 kroner. A credit with Square Credit does not work the same way as a traditional quick loan. Here you are given an amount available and you then decide how much money you want to raise. A credit with Square Credit is screwed together so that you can only get DKK 5,000 in credit. Once you have paid the 5,000 kroner out, you can get 10,000 kroner in credit. Once you have paid out the 10,000 kroner, you can get a credit of 15,000 kroner.

 

How do I get a credit with Square Credit?

How do I get a credit with Square Credit?

In order to get a credit at Square Credit, there are of course some requirements that you have to live up to.

You must:

  • Be 21 years or over
  • Have a NemID
  • Have a Danish phone number
  • Have a Danish national register address
  • Have a Danish bank account
  • You must not be registered in RKI or in the Debtor Register.

In order to pass a credit rating, you must also have a reasonable amount of money available. During the application process, you must disclose your fixed expenses and your income. You need to do this so Square Credit can get an insight into whether you can repay your debt.

You apply for a credit online where you fill out an application form. Once completed, you sign it with your NemID. Here you will find out if you have been approved for a credit. If approved, the money will be paid to your bank account within 1-2 business days, depending on when you apply.

 

This is how the installments work

This is how the installments work

Having a credit with Square Credit is flexible. Even if you have a credit of DKK 15,000, you do not have to spend it all. For example, if you pay DKK 5,000, you only have to pay interest on this amount. When paying out, you must pay 10% of the amount you pay out. This calls Square Credit the payout fee. Then, you deduct 20% of the credit each month. On top of that, you pay a monthly interest rate of 6%. It should be mentioned here that the monthly minimum payment is DKK 500 and the monthly maximum payment is DKK 2,000. If at some point you want to pay off all your debt, it can be done at no cost. So you are not bound to have to pay interest on your credit for the entire term of the credit.

 

Loans for your needs

Loans for your needs

Square Credit does not question why you would like a credit. You are rated on the basis of the circumstances mentioned above, and therefore not on what you need to spend your money on. The money paid can be spent on a trip, a new bed or to pay an extra heating bill. It is up to you. As another bonus, you should not provide any security when you get a credit with Square Credit. You usually need this if you want to borrow money in the bank.

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